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Notes Receivable
12 Months Ended
Dec. 31, 2014
Notes Receivable
Notes Receivable
Our Chattel Loans receivable require monthly principal and interest payments and are collateralized by homes at certain of the Properties. As of December 31, 2014 and 2013, we had approximately $18.9 million and $21.9 million, respectively, of these Chattel Loans included in notes receivable. As of December 31, 2014, the Chattel Loans receivable had a stated per annum average rate of approximately 7.8%, with a yield of 22.3%, and had an average term remaining of approximately 12 years. These Chattel Loans are recorded net of allowances of approximately $0.4 million as of December 31, 2014 and 2013.
During the year ended December 31, 2014, we received principal payment of approximately $1.0 million on a previously reserved loan related to one of our previous acquisitions.
As of December 31, 2014 and 2013, we had approximately $18.2 million and $17.2 million, respectively, of Contracts Receivable, net of allowances of approximately $0.6 million. The Contracts Receivable have an average stated interest rate of 16.0%, have a weighted average term remaining of approximately four years and require monthly payments of principal and interest.